Schneider Downs continues to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus pandemic (“COVID-19”). The following is one of the many resources available for impacted small businesses in Ohio due to COVID-19. Schneider Downs can assist your organization with any of these programs.
In addition to the small business federal financing programs such as the Payment Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL), there are a multitude of other resources for small businesses impacted by COVID-19 that can provide financial relief.
State of Ohio Programs and Information
Delaware County is launching a revolving loan fund program which will be administered by Buckeye State Bank and is designed to help struggling small companies. The program will offer loans of $10,000 to $25,000 for companies to pay rent, mortgage and utilities, in an effort to help those small companies and retailers shut down by COVID-19 restrictions that are just now lifting in Ohio.
Buckeye State Bank will cover up to four months of rent and utilities for companies, with no payments for the first six months followed by a three- to five-year payback at 3% to 4%. Retail, restaurants and hospitality will be the most immediate beneficiaries, but the program will also help office and light industrial users.
The Economic Development Office of Delaware County published a countywide poll which found that of 100 businesses, 40% had temporarily furloughed workers and 50% had permanently laid some off, with up to a quarter concerned they wouldn’t be able to reopen.
The county and its jurisdictions are pooling funding to support the program. Delaware County itself set aside $2.5 million, with the Delaware County Finance Authority Liberty and Orange townships set aside another $250,000 apiece. Other jurisdictions will provide additional funding in coming weeks, in addition to requested funding from JobsOhio, and it’s hoped the county will amass $6 million to $7 million in all.
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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.
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